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Jul 28, 2011
07/11
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debt ceiling it would be as irresponsible if noe more so to raise the debt ceiling without reducing thein spending and getting our books more in balance and moving us id the right direction towards a balanced budget in the future.rt i recognize this can't becognize accomplished overnight, and irig recognize there are those who bring different points of view o and perspective to the senate floor. this is apresen body of people o represent individuals who live in all 50 states and have points of view and velocities andthan p tackgrounds that are differentes represent from the state of kansas. i've been a strong supporter of the legislation in title cut cas and balance and i believe thatae it's not just cut cap and gro balance it is cut, cap, balance and o growth that we could do se much for the country both in the fiscal sense, the idea that were can better pay our bills if the revenues are increased by putting people to work in c creating the economic climate in which people can find jobs ando improve their situation and regarded them to their jobs ands in the process of doing that t
debt ceiling it would be as irresponsible if noe more so to raise the debt ceiling without reducing thein spending and getting our books more in balance and moving us id the right direction towards a balanced budget in the future.rt i recognize this can't becognize accomplished overnight, and irig recognize there are those who bring different points of view o and perspective to the senate floor. this is apresen body of people o represent individuals who live in all 50 states and have points of...
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Jun 15, 2011
06/11
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it's not about the debt. it's about the debt ceiling. with that reflects is a political matter is the lust for a forcing device in washington at a time of divided government. and the almost desperate extent to which the frustration over an ability to drive something to happen is going to push the political system, including right to the edge of what could be unknowable market risking if we get close to the end. i guess my worry -- i mean on obama, there's no question that each side has things that they are playing total games with. it gets back to alan simpson's remarks about grover norquist and aarp. we have to slow the growth of medicare and social security. the democrats don't want to talk about that by and large. we have to have taxes rise as a share of gdp when we double the number on social security and medicare. something that paul ryan or the republicans don't want to acknowledge. that will include higher taxes on people under $250,000 a year as we double the number of seniors in this country. something that the president and the
it's not about the debt. it's about the debt ceiling. with that reflects is a political matter is the lust for a forcing device in washington at a time of divided government. and the almost desperate extent to which the frustration over an ability to drive something to happen is going to push the political system, including right to the edge of what could be unknowable market risking if we get close to the end. i guess my worry -- i mean on obama, there's no question that each side has things...
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Jun 7, 2012
06/12
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. >> i think that's fair. >> we're talking about the debt ceiling, and if -- if a debt ceiling increase is required, and the options are to have no spending reduction and a debt ceilings increase, or a debt ceiling increase accompanied with a spending reduction, which has a more positive effect on output? >> in the long term, most economists that have cut back will weaken the economy, lower jut put unemployment. over the longer team, if the reduction in government spending is not accompanieded by other changes and thus leads to reduction in the debt, then that would be good for the economy. >> so a decrease in the debt, as you mentioned before, lower debt results in more economic jut put. >> that's right. >> reduction in taxes, as you said earlier, lowers taxes and results in more economic activity? >> lower tax rates, in particular, and the many features ever of the tax code affect the economy. >> yes. >> but the lower tax rates, on the margin, help encourage additional work, savings, and that's good for the economy. >> exactly. that's what we attempted to include in the budgets. i wan
. >> i think that's fair. >> we're talking about the debt ceiling, and if -- if a debt ceiling increase is required, and the options are to have no spending reduction and a debt ceilings increase, or a debt ceiling increase accompanied with a spending reduction, which has a more positive effect on output? >> in the long term, most economists that have cut back will weaken the economy, lower jut put unemployment. over the longer team, if the reduction in government spending is...
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May 13, 2011
05/11
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how do you get the debt ceiling raised? what i'm saying is that both the republican vote or raising taxes in connection with the decision. >> you are not saying it's going to tax reform? >> he had to tax reform in two months. we all think it ought to be done. at the sight of a hair. it's worth doing. it's so complex you can't do tax reform between now and august. what we do or do you have for the various options to reduce spending. the debt to reductions commission that it very thoroughly, very recently. the options are out there. the question is which one are going to pick up and do? on the tax reform side, much more complicated. for example, what happens if you lower tax rate below the individual tax rate. they pay taxes as individuals and ever-present 50% of small-business income in 25% of the workforce. all these intended and unintended consequences of tax reform require a thoughtful process that was going to unfold here in the next couple months. there's plenty of study that's been done recently about what kind of savi
how do you get the debt ceiling raised? what i'm saying is that both the republican vote or raising taxes in connection with the decision. >> you are not saying it's going to tax reform? >> he had to tax reform in two months. we all think it ought to be done. at the sight of a hair. it's worth doing. it's so complex you can't do tax reform between now and august. what we do or do you have for the various options to reduce spending. the debt to reductions commission that it very...
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Jul 29, 2011
07/11
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the bottom line is, yes, what we are talking about with the debt ceiling is debts we have occurred. no american has the luxury to tell the bank i'm not going to pay you unless you do abc. no american family has the luxury of telling the credit card company, hey, unless you buy me a year's supply of groceries, i'm not going to pay my credit card debt. once you incur the debt, you have an obligation to pay. that is one the foundations of american life. it's been that foundation since alexander hamilton argued with thomas jefferson. and it served our country well. the awful example that it would set if america, this great land, the federal government said, well, i'm not going to pay the debt. we're not going to pay the debt unless abcd is done. what kind of example does that set to american families? to american young people. it's the opposite, frankly, of the conservative philosophy, part of which i agree with in this regard, that you pay your bills. that you pay your debts, and if you don't, you have a consequence, there's a consequence. so it is just amazing. this is the first time,
the bottom line is, yes, what we are talking about with the debt ceiling is debts we have occurred. no american has the luxury to tell the bank i'm not going to pay you unless you do abc. no american family has the luxury of telling the credit card company, hey, unless you buy me a year's supply of groceries, i'm not going to pay my credit card debt. once you incur the debt, you have an obligation to pay. that is one the foundations of american life. it's been that foundation since alexander...
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Aug 24, 2011
08/11
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america is in a debt crisis. if you -- and we talk about the debt ceiling. the debt ceiling and our financial crisis reflects who we are as america. we spend more than we earn. we buy things we cannot afford. and we don't want to make sacrifices. and so the united states has accumulated so much debt, $10 trillion or $15 trillion, we keep spending, spending, spending, and-under revenues cannot keep up with it. we have to get back to fiscal responsibility. if you max out on your credit card spin crease the debt on the credit card, and your interest rate -- either you have to pay the credit card off, restructure your debt, or you'll become bankrupt. so we have to return to fiscal discipline. and be responsible. we should only buy that which you can afford, and a lot of this started with the real estate boom. so everybody thought that owning a home was a right and a privilege. you should only own a home you can afford. there's a lot of upkeep to the home that many people don't realize, and instead of listening to the government -- yes, the government is on the v
america is in a debt crisis. if you -- and we talk about the debt ceiling. the debt ceiling and our financial crisis reflects who we are as america. we spend more than we earn. we buy things we cannot afford. and we don't want to make sacrifices. and so the united states has accumulated so much debt, $10 trillion or $15 trillion, we keep spending, spending, spending, and-under revenues cannot keep up with it. we have to get back to fiscal responsibility. if you max out on your credit card spin...
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Jul 8, 2011
07/11
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none of us wants to raise the debt ceiling. none of us thinks it is a good idea to spend money we don't have. we think it is a problem and we have been doing it for so long but we also think that there would be some circumstance under which we would borrow more money. to me that circumstance is you have to have a real plan, a binding plan that says we will do things differently that we can be trusted with the taxpayers money, that we can be trusted to balance a budget and for me that means we have to have an amendments to the constitution. i see no objective evidence that congress is otherwise proving themselves to be trustworthy. we have abated graham rudman hollings. we just haven't done a good job here in the problem is getting precipitously worse. i think this is the path to go. i think it is the only path to go and i wanted to show today that republicans can't be for something, for some reforms and for raising the debt ceiling as long as we get a balanced budget amendment and i would like to introduce senator blunt. >> tha
none of us wants to raise the debt ceiling. none of us thinks it is a good idea to spend money we don't have. we think it is a problem and we have been doing it for so long but we also think that there would be some circumstance under which we would borrow more money. to me that circumstance is you have to have a real plan, a binding plan that says we will do things differently that we can be trusted with the taxpayers money, that we can be trusted to balance a budget and for me that means we...
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Jan 23, 2013
01/13
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the debt ceiling. i'm very glad that they are going to send us a clean the debt ceiling bill. [inaudible] >> a call during the recess senator leahy. he is a person that everyone knows that is an avid second amendment rights guy. he floridly indicated that there had to be more done with background checks. he said specifically that there was no reason to have certain weapons to go hunting. this is an issue that we need to talk about. what i hope we can do is have a bill reported on the judiciary committee. may not be what everyone wants, but will have some stuff that's really important. my response to that is the same response as before. i am happy that they have a gut feeling that is not tied to entitlement cuts and that is a big step in the right direction. the other stuff is that senator patty murray will be the next person on the and we will see how she wants to proceed. she is experienced legislator and chairman of the super committee and i have full faith in her. >> [inaudible question] newspapers across the country called a liberal speech. [inaudible question] >> a libera
the debt ceiling. i'm very glad that they are going to send us a clean the debt ceiling bill. [inaudible] >> a call during the recess senator leahy. he is a person that everyone knows that is an avid second amendment rights guy. he floridly indicated that there had to be more done with background checks. he said specifically that there was no reason to have certain weapons to go hunting. this is an issue that we need to talk about. what i hope we can do is have a bill reported on the...
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Apr 8, 2011
04/11
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ceiling. the debt is $14 trillion. we're looking at a debt -- a deficit this year -- this year alone -- of $1.5 trillion, if we go with the budget that the president submitted. $1.5 trillion more over $14 trillion? no wonder the people of this country are up in arms. and we need to listen to the people of this country, who say, stop doing business in washington the way it's always been done. stop it now, and start cutting back on the appetite for spending so that we will be able to have the balanced budget that we can see in our future. mr. president, what we're looking at now is the potential of a government shutdown. i hope that it does not come to that. but there is one thing that we ought to be able to do in this congress, and that is at least protect our military who are serving in afghanistan and iraq and their families who are back home, worried enough about them because of where they are and most certainly should not have another burden put on them of not knowing if their paycheck is g
ceiling. the debt is $14 trillion. we're looking at a debt -- a deficit this year -- this year alone -- of $1.5 trillion, if we go with the budget that the president submitted. $1.5 trillion more over $14 trillion? no wonder the people of this country are up in arms. and we need to listen to the people of this country, who say, stop doing business in washington the way it's always been done. stop it now, and start cutting back on the appetite for spending so that we will be able to have the...
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May 28, 2011
05/11
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only gets $100 billion debt ceiling, which means he'll be back in three months for another debt ceiling increase, and he gets an increase for every dollar he accepts spending cuts. there are no. >> we should be bluffed into giving them blank check of additional borrowing power with fundamentally changing the spending pattern of the united states. and it would be a dr. -- a bigger doctors for this driven down the road for us to give them a blank check debt ceiling than to have a confrontation this summer and refuse to raise the debt ceiling until they're prepared to bear some financial responsibility for the united states. [applause] >> yes, ma'am? >> mr. speaker, thank you for being home. i'm win -- wendy jones. i'm a business owner and also a nurse. while they're lot office parts of obamacare that are not very good, it's not just insurance but may we talk about health care, and i don't often hear that at the national level two things that are pollstive that -- positive that occurred and up to 27 yours of age you can go under your parents health insurance if you didn't have health insur
only gets $100 billion debt ceiling, which means he'll be back in three months for another debt ceiling increase, and he gets an increase for every dollar he accepts spending cuts. there are no. >> we should be bluffed into giving them blank check of additional borrowing power with fundamentally changing the spending pattern of the united states. and it would be a dr. -- a bigger doctors for this driven down the road for us to give them a blank check debt ceiling than to have a...
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Aug 3, 2011
08/11
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that is exactly what happened during this debt ceiling debate. instead of passing a clean extension and getting to work on our economy, we've been forced to vote on the last minute deal to prevent the economic catastrophe that would result in default. i spent the last few weeks and months highlights of real life consequences of default for new mexico families. at a time when families are already dealing with extremely tight budgets, a default would mean increased costs for just about everything. from food to gas to housing to sending the kids to college, it would also jeopardize critical federal benefits that veterans, seniors, and others depend on to pay the bills and stay healthy. it would mean more than 360 new mexicans in threat of losing their social security benefit. another 3,000 who rely on medicare seeing their health care disrupted. it would mean 174,000 makes veteran -- new mexico veterans may not receive their benefits, and more than 1400 active duty military personnel may not receive paychecks for their services, but it wouldn't stop
that is exactly what happened during this debt ceiling debate. instead of passing a clean extension and getting to work on our economy, we've been forced to vote on the last minute deal to prevent the economic catastrophe that would result in default. i spent the last few weeks and months highlights of real life consequences of default for new mexico families. at a time when families are already dealing with extremely tight budgets, a default would mean increased costs for just about...
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Feb 4, 2012
02/12
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debt ceiling to keep us from defaulting on the national debt. in the end, congress kicked the can down the road to 2013, just past the election by the way babies in the debt ceiling $2.1 trillion. but they did almost nothing to address the underlying driver of the u.s. national debt which is the intersection of an aging population hyperinflationary system. they did create a super committee which utterly failed in charge and triggered $1.2 trillion of debt reduction over a decade. $1.2 trillion is a drop in the bucket compared to what we need. think about it at $1.2 trillion in debt reduction will be accrued over 10 years. we are going to increase national debt by two times almost that much by next january. meanwhile, a year ago this month, the first to 70 baby boomers came on the medicaid program and came at a rate of 10,000 a day every day for the next 20 years. by 2020 average medicare recipient will take $3 out of medicare for every dollar they pay him during their lifetime. my point is regardless of who wins the presidential election and by
debt ceiling to keep us from defaulting on the national debt. in the end, congress kicked the can down the road to 2013, just past the election by the way babies in the debt ceiling $2.1 trillion. but they did almost nothing to address the underlying driver of the u.s. national debt which is the intersection of an aging population hyperinflationary system. they did create a super committee which utterly failed in charge and triggered $1.2 trillion of debt reduction over a decade. $1.2 trillion...
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Mar 21, 2013
03/13
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but i've got to have my debt ceiling now. less than two years later we've already increased the debt ceiling $2.1 trillion. we're right up there again having to raise the debt ceiling again. it will be a matter of weeks that this has got to be confronted again. well, what about the spending cuts? before the ink was dry on that agreement, signed by the president himself, i've got the document right here, in blue ink, barack obama right there. agree to cut $2.1 trillion in spending over ten years. this wasn't a big cut. we are at the -- spending were flat for ten years, we would have spent $37 trillion. as i recall, if under the baseline then in effect, we were expected to grow it to $49 trillion over ten years. $49 trillion. this would have reduced it to $47 trillion. so we reduced the growth of spending from $37 trillion to $47 trillion instead of $49 trillion. now you would have thought we were throwing the sink and the country into the ocean. but in january, six months later, he proposes a budget that wipes out 60% of that
but i've got to have my debt ceiling now. less than two years later we've already increased the debt ceiling $2.1 trillion. we're right up there again having to raise the debt ceiling again. it will be a matter of weeks that this has got to be confronted again. well, what about the spending cuts? before the ink was dry on that agreement, signed by the president himself, i've got the document right here, in blue ink, barack obama right there. agree to cut $2.1 trillion in spending over ten...
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Jul 22, 2011
07/11
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if we raise the debt ceiling without a change in american spending trajectory, the debt markets will react in a negative way as well that's the message i certainly took away from today. they were very clear about that. >> real quickly, i actually voted god and set it out loud because i wanted to make sure that i was clear. any package must be credible in effect issues we have and that was also in agreement. this isn't as you're trying to save people that don't see this as a problem. i don't know of any of us who want to see any kind of default happened. the question is what is the path and how do we solve this long-term? but it's got to be a part of what we are talking about today. we don't know what the agreement is yet and certainly don't know whether it addresses those underlying issues. so that is still a lot of question marks hanging out there. but as nan said it was very informational and to have to give and take and allow us to question how they can to get there also appeared >> did you hear members whines about the upcoming dozer anything about that? >> i think you have to as
if we raise the debt ceiling without a change in american spending trajectory, the debt markets will react in a negative way as well that's the message i certainly took away from today. they were very clear about that. >> real quickly, i actually voted god and set it out loud because i wanted to make sure that i was clear. any package must be credible in effect issues we have and that was also in agreement. this isn't as you're trying to save people that don't see this as a problem. i...
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Jul 6, 2011
07/11
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, the debt ceiling, the limit on the amount of money the united states government can borrow. that's what he said last week. that's what we've been saying for over a month, so regardless of how one feels about the libyan resolution, that's not what we need to be doing this week. the letter we wrote to senator reid concerning the memorial day recess said this. this was is month ago. "until a budget plan is made public and that plan is scheduled for committee action, on what basis can the senate justify returning home for a one-week vacation and recess when our spending and debt continue to spiral dangerously out of control?" that's what we said then, that remains true now. this congress is agenting in an irresponsible manner, and it's not healthy your us. i'm beginning to wonder if the united states senate is, in fact, beginning to lose its reason for being. are we just sit here and wait for two or three or four or five people to meet in secret and then tell us in the last 11th hour that we got to pass a bill? is that legislating? is that what congress should do? we certainly a
, the debt ceiling, the limit on the amount of money the united states government can borrow. that's what he said last week. that's what we've been saying for over a month, so regardless of how one feels about the libyan resolution, that's not what we need to be doing this week. the letter we wrote to senator reid concerning the memorial day recess said this. this was is month ago. "until a budget plan is made public and that plan is scheduled for committee action, on what basis can the...
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Jun 8, 2011
06/11
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in exchange for raising the debt ceiling. is there a way to do that that would be either credible or that would work in your view, or would that just be punting the problem forward and no good would really come of it? >> it will not work, and moody's will downgrade us on day two. on the prospects of something like that happening -- the prospects of something like that happening are quite high because that date pushes right against the recess in august for congress and there are few things more sacred than the august recess. i think there will be a strong desire to get this over with, if not on the second, certainly before the seventh or so when they go out. >> i agree with that. august 7th, 3:48 p.m., the time of this is easy. >> when did they have their plane reservations to get out of town? but if we go that route, it is likely that this is going to be like groundhog day. the amount by which the debt ceiling is raised will not be sufficient to get us through to the next presidency. it will be six months, come back and we wi
in exchange for raising the debt ceiling. is there a way to do that that would be either credible or that would work in your view, or would that just be punting the problem forward and no good would really come of it? >> it will not work, and moody's will downgrade us on day two. on the prospects of something like that happening -- the prospects of something like that happening are quite high because that date pushes right against the recess in august for congress and there are few things...
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Feb 13, 2013
02/13
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first of all, on the debt ceiling issue. ii think that people remember te summer of 2011, you have lots of house republicans who are threatening not to increase the debt ceiling, which means the united states would default on its obligations. it is important to understand what the debt ceiling is all about. just to provide the ability to pay for bills and obligations already o. wayne, already owing under the law. if the federal government were to wake up and decide not to pay those bills, it would be like any of us getting up after having gone on about things on a credit card and say we've got those things, but we're not going to pay for them. in every sense those obligations has been voted on previously by congress over the years, which is why people say so clearly, don't mess around with the public debt in the u.s. senate because he would have a negative impact on our economy and the world economy. tom mentioned that nobody is suggesting we not pay the public debt. that qualification is important here because earlier the n
first of all, on the debt ceiling issue. ii think that people remember te summer of 2011, you have lots of house republicans who are threatening not to increase the debt ceiling, which means the united states would default on its obligations. it is important to understand what the debt ceiling is all about. just to provide the ability to pay for bills and obligations already o. wayne, already owing under the law. if the federal government were to wake up and decide not to pay those bills, it...
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Jul 26, 2011
07/11
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in the past raising the debt ceiling was routine. since the 1950s congress has always passed it and every president has signed it. president reagan did it 18 times. george w. bush did it seven-times. and we have to do it by next tuesday, august 2nd, or else we won't be able to pay all of our bills. unfortunately for the past several weeks republican house members have essentially said, that the only way they will vote to prevent america's first-ever default is if the rest of us agree to their deep spending cuts only approach. if that happens, and we default, we would not have enough money to pay all of our bills, bills that include monthly social security checks, veterans benefits, and the government contracts we've signed with thousands of businesses. for the first time in history, our country's aaa credit rating would be downgraded, leaving investors around the world to wonder, whether the united states is still a good bet. interest rates would skyrocket on credit cards, on mortgages, and on car loans. which amounts to a huge tax h
in the past raising the debt ceiling was routine. since the 1950s congress has always passed it and every president has signed it. president reagan did it 18 times. george w. bush did it seven-times. and we have to do it by next tuesday, august 2nd, or else we won't be able to pay all of our bills. unfortunately for the past several weeks republican house members have essentially said, that the only way they will vote to prevent america's first-ever default is if the rest of us agree to their...
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Jul 2, 2011
07/11
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would you talk about how significant this debt ceiling question is and why or why not. guest: actually, i think it's quite a puzzling question. it's probably the most important legislative issue this congress will face during the two years. it will probably set up the debate about which direction the country wants to go in in the 2012 elections. so i think it's going to be really fundamental. the basic question is, are we going to continue on the path that we're on. everyone recognizes there are a couple of key problems. one is our economy is not growing fast enough, so we need to pursue policies to expand the economy. and second, all the budget projections by the c.b.o. outside experts show that we have past programs that are unsustainable in the long run, and if we don't do something about this, the country eventually will weaned up in a situation like greece, where we won't be able to afford the debts that we're racking up. it's a very important question. they're not going to solve everything as part of this debt ceiling debate, but they can set up some parameters to
would you talk about how significant this debt ceiling question is and why or why not. guest: actually, i think it's quite a puzzling question. it's probably the most important legislative issue this congress will face during the two years. it will probably set up the debate about which direction the country wants to go in in the 2012 elections. so i think it's going to be really fundamental. the basic question is, are we going to continue on the path that we're on. everyone recognizes there...
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Jan 18, 2013
01/13
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be done in term of reaching the debt ceiling. both sides seem locked in -- the president said i'm not going talk about the debt ceiling. speaker boehner said it can't be done unless we cut spending at the same time. so having watched this for more than thirty years of congress, what are the outside of actually avoiding going over the cliff given where both parties are? >> i think the odds are that we won't do it. [inaudible] as a mart of faith and consequence. those who say let's toy with it. they are toying with the american economy and they are toying with the global economy. and so i think it's somewhat -- it seems great to talk about doing that. but the closer you get to that cliff, i think the less likely it is that you'll -- [inaudible] >> let me ask one more and go to rick. let me ask about tax reform. you told "politico" last week that a balanced approach to replacing the sequester was spending cut and revenue. should accelerate tax reform. i believe it's fully possible this year if we work on a bipartisan basis. unquote.
be done in term of reaching the debt ceiling. both sides seem locked in -- the president said i'm not going talk about the debt ceiling. speaker boehner said it can't be done unless we cut spending at the same time. so having watched this for more than thirty years of congress, what are the outside of actually avoiding going over the cliff given where both parties are? >> i think the odds are that we won't do it. [inaudible] as a mart of faith and consequence. those who say let's toy with...
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Jan 5, 2011
01/11
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>> do we think there would be retaliation from the tea party type if the debt ceiling passes? yeah, but what are they going to do? [laughter] as a practical matter, it's something that has to happen, and it goes with the response of the being in the majority. you can posture against as obama did as a senator of objected to it and the republicans do when they are in the minority that now they are in the majority and they have to bite the bullet and say, we have to do what's right and i think they will. >> here is an interesting one if you are interested you might want to pursue with some of scholarship. i'm sorry i can't bring that scholarship to you. [laughter] all i seem to recall that there is some history behind the congress being forced to raise the debt ceiling. that is required by not the constitution by some statute at some period of time. now the folklore from the democratic side is that republicans who were outraged at the keynesian economics in the thirties and the new deal or the ones that during a brief power in the congress and white house passed legislation requi
>> do we think there would be retaliation from the tea party type if the debt ceiling passes? yeah, but what are they going to do? [laughter] as a practical matter, it's something that has to happen, and it goes with the response of the being in the majority. you can posture against as obama did as a senator of objected to it and the republicans do when they are in the minority that now they are in the majority and they have to bite the bullet and say, we have to do what's right and i...
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Sep 24, 2011
09/11
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how many of you think the debt ceiling debate came out well? i think that is a pretty unanimous vote of no-confidence. you see, washington when it left to its own devices inevitably produces a deal even when it is clear that america is clamoring for a solution. therefore, i submit to you that we can have no solution until we achieve a balanced budget amendment. how many people agree with that position? [applause] that's what we are going to discuss in this panel, and we have three absolute experts with specifically relevant experience. i'm going to introduce them one at a time and then and they are going to speak for a few moments each and then we are going to have a discussion. so i would like to first well, grover norquist, president of the americans for tax reform, and the force behind and the author of the taxpayer protection pledge, grover norquist. [applause] another man who should be a hero to virtually everybody in this room is former congressman dick speed. 28 years in the house, majority leader, former professor of economics at north
how many of you think the debt ceiling debate came out well? i think that is a pretty unanimous vote of no-confidence. you see, washington when it left to its own devices inevitably produces a deal even when it is clear that america is clamoring for a solution. therefore, i submit to you that we can have no solution until we achieve a balanced budget amendment. how many people agree with that position? [applause] that's what we are going to discuss in this panel, and we have three absolute...
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Aug 5, 2011
08/11
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let's think about this. $14 trillion national debt, we increase the debt ceiling by 2.4 trillion we are reducing spending 21 billion next fiscal year so put it in terms we all understand. some young person no one in this room but a young person maxes out their credit card of $14,000, hits the limit. goes to the bank and says i need more and knew the bank says we will give you 2400 more what you have to promise us over the course of the next year you're going to spend 21 less than we spend. 14 trillion we are going to cut 21 billion next year. while it existed in the right direction, the direction we want to move, the magnitude of the problem is so big we have got to change spending and that means all of government, all of government is going to change. >> thank you. >> i'm a student at the university of texas san antonio. first i want to thank you for all of your pro-life work and the impact that it's making. what do you think are the major steps to truly promote a culture of life? i think technology has been our friend and we can see that we are talking about human beings and the found
let's think about this. $14 trillion national debt, we increase the debt ceiling by 2.4 trillion we are reducing spending 21 billion next fiscal year so put it in terms we all understand. some young person no one in this room but a young person maxes out their credit card of $14,000, hits the limit. goes to the bank and says i need more and knew the bank says we will give you 2400 more what you have to promise us over the course of the next year you're going to spend 21 less than we spend. 14...
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Aug 6, 2011
08/11
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in the united states the difficulties in reaching its consensus on increasing the public debt ceiling and avoiding a default has induced the reshuffling of the investors' portfolios in favor of short-term investments. the bipartisan agreement that has been has east international tension. turbulence on the financial markets have been fuelled also by the perception of an excessive in the reaction of the european authorities to the sovereign debt crisis increase. on july 21st the european council has approved a new assistance program for greece which is aimed at insuring its -- it meets its financing needs, and improves with lower interest rates due dates and with the involvement which triggered a lively debate of the private-sector. the council of the e.u. fund for financial stability to intervene in the manage the crisis with more flexibility and economic strength. the decision also was the markets have not on the importance of the deliberations. so it is essential to give certainty to markets. we need to clearly defined the time frames of instruments and resources. the risk influence
in the united states the difficulties in reaching its consensus on increasing the public debt ceiling and avoiding a default has induced the reshuffling of the investors' portfolios in favor of short-term investments. the bipartisan agreement that has been has east international tension. turbulence on the financial markets have been fuelled also by the perception of an excessive in the reaction of the european authorities to the sovereign debt crisis increase. on july 21st the european council...
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Oct 4, 2011
10/11
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that all ended with great revolts in the arab spurring, the debt ceiling crisis, the european sovereign debt crisis and the u.s. perpetual the election cycle which is now started again. so it has been off the foreign policy agenda of the activity in iran and in the region has not diminished all iran continues to move aggressively on its nuclear programs and continues to support its surrogates from hezbollah to hamas to the taliban to the shia militia in iraq and continue its brutal crackdown on the irony in people. it also recently has ratcheted up its support of the regime materially inside syria providing financing from economic support, technology, and indeed iranian snipers are working with this. so we want to refocus on iran on this panel, bring it back onto the front burner of the foreign policy agenda and to do so, we have three, actually four, we just added one. hello, john. we have four great experts to talk of the various dimensions of the i really an issue. we are going to start with mike doran to my far left. mica said bookings. he previously served in the defense department
that all ended with great revolts in the arab spurring, the debt ceiling crisis, the european sovereign debt crisis and the u.s. perpetual the election cycle which is now started again. so it has been off the foreign policy agenda of the activity in iran and in the region has not diminished all iran continues to move aggressively on its nuclear programs and continues to support its surrogates from hezbollah to hamas to the taliban to the shia militia in iraq and continue its brutal crackdown on...
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Nov 18, 2011
11/11
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>> i think it was wrong to raise the debt ceiling by $4 trillion. let me give you the context. the day that i came into the united states congress we were in debt $8.6.7 trillion it took 19 years to accumulate 8.6 trillion in debt. here we are today. we're just about at that 15 trillion bubble level of debt. as we've gone in a little over four years time for 8.67 trillion of debt to 15 trillion. by next year we will be at a minimum of 16.7 trillion in debt. that is almost doubling the national debt in five years. what changed is the velocity of spending. we've never spent at this level because you can just look at the contrast. in 2007 the debt for the year was $160 billion. last month in october the debt was 203 billion just for one month. it's the philosophy of spending. the philosophy of the debt accumulation. so much so that in october that works out to $650 for every man, woman and child in the united states of for a family of four that is $2,300 of additional debt that they have to pay for. so, what families are saying and what anyone is saying is that congress spends mon
>> i think it was wrong to raise the debt ceiling by $4 trillion. let me give you the context. the day that i came into the united states congress we were in debt $8.6.7 trillion it took 19 years to accumulate 8.6 trillion in debt. here we are today. we're just about at that 15 trillion bubble level of debt. as we've gone in a little over four years time for 8.67 trillion of debt to 15 trillion. by next year we will be at a minimum of 16.7 trillion in debt. that is almost doubling the...
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Jan 19, 2011
01/11
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some are calling for not raising the debt ceiling above. but as the president willing to go -- go there basically to make them it's because spending in exchange for raising the debt ceiling? >> well, the president is happy to have a very serious conversation with all those involved, about the past to get us -- about the path we must take to get us back to some semblance of fiscal responsibility. this, wendell, didn't start either this year or two years ago. we didn't get the situation -- we didn't get in this situation are short-term. we got into this situation over a series of many years. so i think of the series proposals, as you have in the past, where we froze nonsecurity discretionary spending. ill c-series proposals in the budget to do that. i also think that we have to balance that against important investment you need to be made and ensure that we don't see trichotomy and cut in things like -- particularly in innovation and education in innovation and education. >> and finally, a series of attacks at the state department, in a not i
some are calling for not raising the debt ceiling above. but as the president willing to go -- go there basically to make them it's because spending in exchange for raising the debt ceiling? >> well, the president is happy to have a very serious conversation with all those involved, about the past to get us -- about the path we must take to get us back to some semblance of fiscal responsibility. this, wendell, didn't start either this year or two years ago. we didn't get the situation --...
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Aug 2, 2013
08/13
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the president said he would not gauche on the debt ceiling. these guys want negotiation on the debt ceiling and everybody there will be none. as obama reiterated again yesterday. now senator mcconnell speaking about the vote. >> well, good afternoon, everyone. i'm sure we'll be a lot briefer than the group that was just before you. the vote we just had is symbolically very, very significant. two years ago this month on a bipartisan basis the president signing the bill, we committed to the american people that we would reduce spending over the next ten years by $2.1 trillion. there's no question that had cloture been invoked on this particular appropriation bill, which was even more than the president had asked for, your storyline tomorrow would have been, dong on -- congress on a bipartisan basis walks away from the budget control act. we now have a debt the sizes of our economy which makes us look like greece. there's much left to be done to get our financial house in order. but, boy, you don't make any progress in that direction by signaling
the president said he would not gauche on the debt ceiling. these guys want negotiation on the debt ceiling and everybody there will be none. as obama reiterated again yesterday. now senator mcconnell speaking about the vote. >> well, good afternoon, everyone. i'm sure we'll be a lot briefer than the group that was just before you. the vote we just had is symbolically very, very significant. two years ago this month on a bipartisan basis the president signing the bill, we committed to the...
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Aug 25, 2011
08/11
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he can raise the debt ceiling on his own. to dance around the mulberry bush with people who denigrated my favorite beverage -- [applause] -- it is not useful. he has to step up and i believe he will. even more importantly we have to have a different kind of education. what has happened here is you have people -- how can i put this nicely? hy won't. >> just getting -- >> people who are intellectually deficient decided to make a decision and say the same thing over and over again and that makes it true. here is what is true. we have in the united states of america fourteen million people who don't have work. we have another fourteen million people who don't have work unofficially. we have people who are struggling. people in southeast washington d.c. with children who can't do what they need to do because they're hurting. what do we do about that? here's what we do. we talk about the images and the possibilities we have. president obama could do more. i think he feels constrained but i tell people all the time he would not get
he can raise the debt ceiling on his own. to dance around the mulberry bush with people who denigrated my favorite beverage -- [applause] -- it is not useful. he has to step up and i believe he will. even more importantly we have to have a different kind of education. what has happened here is you have people -- how can i put this nicely? hy won't. >> just getting -- >> people who are intellectually deficient decided to make a decision and say the same thing over and over again and...
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May 6, 2011
05/11
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than failing to raise the debt ceiling. the situation has been described as the most predictable crisis in american history. people on both sides of the aisle now realize that the warning belling are too loud to ignore, and last month, president obama, himself, made a crucial admission in a sign that he too is worrying about the prospects of inaction. he says failing to produce a serious plan for tackling the deficit and debt could be a bigger drag on the economy than anything else, so more and more people see the problem. now the challenge is achieving a resolve. that's why i've proposed a few basic principles yesterday that i believe could guide us to success. this morning i want to reiterate the principles ahead of the meeting at the blare house. by setting out clear principles up front, we are far more likely to get somewhere and prevent the crisis before it strikes. first, it's time for our friends on the other side to talk -- stop hitting one group of americans against another. solving the crisis requires all of us wo
than failing to raise the debt ceiling. the situation has been described as the most predictable crisis in american history. people on both sides of the aisle now realize that the warning belling are too loud to ignore, and last month, president obama, himself, made a crucial admission in a sign that he too is worrying about the prospects of inaction. he says failing to produce a serious plan for tackling the deficit and debt could be a bigger drag on the economy than anything else, so more and...
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Sep 19, 2012
09/12
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ceiling to keep the united states from defaults on the debt. i think we can agree it was not the finest hour. in the end, congress kicked the can down the road by bumping the debt ceiling $2.1 trillion but doing almost nothing to address the underlining driver which is the intersection of the aging population and the medical system. i would remind you that 18 months agent the first of 78 million baby boomers started to become eligible for the medicaid program. they come on a rate of 10,000 a day for the next twenty years. these are people who are entitlement are going live -- do the math, as president clinton said. every medicare recipient will be taking which means we're going blow through the $2.1 trillion increase in the debt ceiling early next year and have to go through the exercise all over begun. health care reform is not about politics at the end of the day it's about economics and the economics are the law of economics are just as immutable as the laws of physics which means no matter who is elected president and who is in control of c
ceiling to keep the united states from defaults on the debt. i think we can agree it was not the finest hour. in the end, congress kicked the can down the road by bumping the debt ceiling $2.1 trillion but doing almost nothing to address the underlining driver which is the intersection of the aging population and the medical system. i would remind you that 18 months agent the first of 78 million baby boomers started to become eligible for the medicaid program. they come on a rate of 10,000 a...
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Dec 17, 2010
12/10
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we have a time coming up next year when we'll be asked to raise the debt ceiling. we will have before us a recommendation from the debt commission that five of the six republican -- i mean five of the six senators who served on it voted for. they stuck their necks way out to do that. the senator from illinois, the senator from north dakota and three republican senators as well. so i think it's incumbent upon all of us -- we can find points of division fairly easily and that's not hard to do. finding points of consensus is harder. cutting taxes is easier. reducing the debt is going to be harder. so in the next three or four months when we come back, i hope we'll build on the conversation that i heard earlier this week with senator warner, senator chambliss -- a group of nearly 20 senators on both sides of the aisle committed themselves to work on the debt commission. i hope that we can in the proliferations committee start out -- in the appropriation committee to work on a ceiling and work together, a continuing resolution for a year is a lousy way to run a governme
we have a time coming up next year when we'll be asked to raise the debt ceiling. we will have before us a recommendation from the debt commission that five of the six republican -- i mean five of the six senators who served on it voted for. they stuck their necks way out to do that. the senator from illinois, the senator from north dakota and three republican senators as well. so i think it's incumbent upon all of us -- we can find points of division fairly easily and that's not hard to do....
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Jun 2, 2012
06/12
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the debt ceiling used to be a vote that check the box. debt ceiling is raced we go on. it is no longer. what has -- you talk about occupy wall street and the sector you like them a lot. what have they done for the democratic party that is not tangible but is real issue of change they've made? >> guest: sure. a couple of things. if you remember in august of 2011, the tea party politicalized that vote around the debt ceiling and said they were going crash america's credit rating if things were don't. i reacted to that was shock and dismay such as a lot of people. part of the comprise that came out of the standoff was the idea of a supercommittee that was going to have a lot of -- was going to do a lot of cuts. and that was -- i thought it was a big threat to american middle class, working class people. i didn't know what they were going to cut. it was going to go on super fast. my organization rebuild a dream.com started to gear up the group. spread the word. the young occupy wall street who have no packs, no, you know, candidate went down to wall street not in response t
the debt ceiling used to be a vote that check the box. debt ceiling is raced we go on. it is no longer. what has -- you talk about occupy wall street and the sector you like them a lot. what have they done for the democratic party that is not tangible but is real issue of change they've made? >> guest: sure. a couple of things. if you remember in august of 2011, the tea party politicalized that vote around the debt ceiling and said they were going crash america's credit rating if things...
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Jul 19, 2012
07/12
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first it was the debt ceiling and after we got through the debt ceiling, they weren't going to allow us to do anything, getting funding to take us through the end of the fiscal year. it was the republican party last year that threatened to default the debts that we have as a country. now they're holding up tax cuts for 98% of the american people. 98%, in an effort to satisfy this mysterious man who i never met, but he must be a dandy, who ha
first it was the debt ceiling and after we got through the debt ceiling, they weren't going to allow us to do anything, getting funding to take us through the end of the fiscal year. it was the republican party last year that threatened to default the debts that we have as a country. now they're holding up tax cuts for 98% of the american people. 98%, in an effort to satisfy this mysterious man who i never met, but he must be a dandy, who ha
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Jan 10, 2013
01/13
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>> guest: i think the parties going to sir but there may be minor -- on the debt ceiling. a lot of problem -- say we should push for many cuts as a part of the deal on the debt ceiling but the president himself has said he's not going to negotiate it also is going to put republicans in a tough position. if they want to push in the present won't play ball they will end up satisfying the activists and not getting a deal so they will have to craft a real strategy perhaps a better strategy than they had on the clip deal. >> host: texas, independent line, robert your next. >> caller: yeah, we are not seeing a republic president for another 11 or 12 years. obama has to finish out his term and hillary is going to take another eight years. rubio will help for the republicans but he is cuban and the latinos are not going to go for mexicans and latinos. you have to remember the cubans had kennedy and the russians and all that. the latinos will not follow you as they would a real latino. >> host: what was your first about speaker boehner? >> caller: he needs to have a republican pres
>> guest: i think the parties going to sir but there may be minor -- on the debt ceiling. a lot of problem -- say we should push for many cuts as a part of the deal on the debt ceiling but the president himself has said he's not going to negotiate it also is going to put republicans in a tough position. if they want to push in the present won't play ball they will end up satisfying the activists and not getting a deal so they will have to craft a real strategy perhaps a better strategy...
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Jun 8, 2012
06/12
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situation. >> the debt ceiling is a different issue. it's a strange thing congress can approve to spend five dollars and tax three dollars and not approve the two dollar issuance of debt, which is implied by the two previous decisions. no other country that i know of has anything like the debt limit rule we have, and the brinksmanship last summer of the debt limit had very significant adverse effects for financial markets and for our economy. for example, it really knocked down consumer confidence noticeably, so that's a somewhat separate issue, but i urge congress to come to agreement on that well in advance so as not to push us to the 12th hour. again, i think that trying to put our fiscal situation on a sustainable basis is perhaps one of the most important things that congress can be working on. >> when you look at the feds' last actions since late 2008, short-term interest rates at zero, the fed pushed over 2 trillion in the treasure in an effort to support the action. do the past actions inform you as you go forward in the current
situation. >> the debt ceiling is a different issue. it's a strange thing congress can approve to spend five dollars and tax three dollars and not approve the two dollar issuance of debt, which is implied by the two previous decisions. no other country that i know of has anything like the debt limit rule we have, and the brinksmanship last summer of the debt limit had very significant adverse effects for financial markets and for our economy. for example, it really knocked down consumer...
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Jun 2, 2011
06/11
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within the same timeframe that we need to address the vote on raising the debt ceiling. i think that demonstrates his commitment to both necessities. what we have said all along is that it sends the wrong signal and it would be a mistake to directly link, tire hold hostage one to the other because of the absolute necessity of raising the debt ceiling. it is not an option if you want to maintain full faith and credit of the united states and if you don't want to send this economy back into recession. >> conker ms.-- congressman ryan in a meeting today according to attendees and according to ryan at the stakeout camera made the point to the president that has been mentioned demagogue in the ryan plan for medicare is not helpful to this process. and while i understand the president doesn't believe that he has done so, does he think that the democratic party has done so? has he seen the ads showing the paul ryan look-alike pushing grandma off the cliff? has he seen any of these ways the democrats are using the ryan plan to win elections and score political points and does he
within the same timeframe that we need to address the vote on raising the debt ceiling. i think that demonstrates his commitment to both necessities. what we have said all along is that it sends the wrong signal and it would be a mistake to directly link, tire hold hostage one to the other because of the absolute necessity of raising the debt ceiling. it is not an option if you want to maintain full faith and credit of the united states and if you don't want to send this economy back into...
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Feb 1, 2013
02/13
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"washington post" what was the outcome of the senate vote on the bill to suspend the debt ceiling until may 19. in surprising? >> not particularly, no. the vote 64-34. they made it to spare. most republicans voted no, which was not necessarily surprising since republicans don't like to mess around with the debt limit. but democrats got enough support from the moderate republicans like sue san colins to put it over the edge and take the issue off the table. we're told until at least august. >> now the bill heads to the president's desk. what is he going to do with it? >> he's going sign it. he doesn't want to have a debt limit fight right now. the interesting thing about this, it is the first time that we have ever just suspended enforcement of the debt limit. it's still $16.4 trillion. normally in the celebration we're in now, we're against the debt is at the limit. we just raise the limit. but house republicans didn't want to vote for a higher limit. they voted to suspend the limit until may 18th. at that time, the debt limit will automatically take in to account the additional borrowi
"washington post" what was the outcome of the senate vote on the bill to suspend the debt ceiling until may 19. in surprising? >> not particularly, no. the vote 64-34. they made it to spare. most republicans voted no, which was not necessarily surprising since republicans don't like to mess around with the debt limit. but democrats got enough support from the moderate republicans like sue san colins to put it over the edge and take the issue off the table. we're told until at...
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Jan 16, 2013
01/13
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i think we should extend if not end the debt ceiling issue. we should just set it aside for a considerable period of time. we should tackle sequestration and we have to do that in the next six weeks. so i'm hopeful that we don't drag this out as some people are saying and then move on to serious discussion of tax reform and entitlement issues. so i see it in a sense the opposite way. i say let it is done, the sequestration part in the debt ceiling in the next six weeks and then move on. those who are you saying let's do a triple by drivel, they are the ones who would be undermining the effort to sit down and had a serious discussion of tax reform. >> we have about two minutes left. francine. >> the question itemized reductions. what is your thought of having a cap and itemized deductions that people use for whatever they want. mortgage or a charity or whatever. >> i think the problem with a cat is that it has to seriously consequence, especially for charitable contributions. because a substantial portion of the charitable contributions come fr
i think we should extend if not end the debt ceiling issue. we should just set it aside for a considerable period of time. we should tackle sequestration and we have to do that in the next six weeks. so i'm hopeful that we don't drag this out as some people are saying and then move on to serious discussion of tax reform and entitlement issues. so i see it in a sense the opposite way. i say let it is done, the sequestration part in the debt ceiling in the next six weeks and then move on. those...
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May 26, 2011
05/11
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you've been clear about the risk in not acting on the debt ceiling. do you think members of congress get that? >> i think the leadership understands. i think the vast bulk of congress understands it completely. i think there are some people who are pretending not to understand it. or think there's leverage for them in threatening default -- i don't understand it as negotiating position. think about it, you are going to say the 14th amendment. >> we'll stipulate to the 14th amendment. >> i'm going to read the one thing. >> it's paper clipped and is -- >> the validity of the public debt of the united states authorized by law, including debt occurred and payment for pension and bounty for services in rebellion, this is the important thing, shall not be questioned. as a negotiating strategy, if you don't do things my way, i'm going to force the united states to default. not pay the legacy of bills accumulated by my predecessors in congress. it's not a creditable negotiating stroke. -- strategy. it's not going to happen president the leadership understand
you've been clear about the risk in not acting on the debt ceiling. do you think members of congress get that? >> i think the leadership understands. i think the vast bulk of congress understands it completely. i think there are some people who are pretending not to understand it. or think there's leverage for them in threatening default -- i don't understand it as negotiating position. think about it, you are going to say the 14th amendment. >> we'll stipulate to the 14th...
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Oct 3, 2012
10/12
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we hit the debt ceiling in february anyway. there has to be a settlement. somebody has to blink, probably both sides blink to some degree. i've talked a little bit to people in financial markets in new york about how they think the markets would react to all of this. the reaction i've got is there's a lot of nervousness, a lot of volatility in the markets in january. if there is a deal in a few weeks, and any deal clearly makes retroactive to january 1st, the tax cuts continued, and we'll remove sequesteration, then what i'm told is in the interim the damage really won't be that significant. now, for fiscal hawks, many of us have been saying for years when do we get action? maybe only when the markets put intense pressure on. in it happens in december, that's better. 23 it happen -- if it happens in jap, that at least could be significant progress. i'm just going to end kind of where i was near the beginning referring because i think they said it very succinctly, carlisle, mark zandy wrote ideally they navigate around the cliff without undermining the econo
we hit the debt ceiling in february anyway. there has to be a settlement. somebody has to blink, probably both sides blink to some degree. i've talked a little bit to people in financial markets in new york about how they think the markets would react to all of this. the reaction i've got is there's a lot of nervousness, a lot of volatility in the markets in january. if there is a deal in a few weeks, and any deal clearly makes retroactive to january 1st, the tax cuts continued, and we'll...
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Oct 30, 2012
10/12
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-- >> moderator: brad schneider, would you vote to raise the debt ceiling? schneider: yes. but i think we need to do it in a responsible way. and, again, the ryan plan that continues -- and you voted for it twice -- it continues to give the benefit to those who have the most and putting the burden on those who are struggling the most. to put increased burden on students, this doesn't address our challenges. dold: brad, that's ridiculous. >> moderator: congressman, what role should private insurance play in the reformation of medicare? dold: one of the things that i've supported in a bipartisan plan is the that idea that, first of all, medicare has to remain. so that option would be available. what i have supported is a premium support model, and again, i think this is important as we give seniors options and choice, and the private system can come in and offer plans that would be gatekeeperred by medicare. >> moderator: brad schneider, should the private sector have a role to play? >> schneider. no. this plan is unsustainable. aarp said it would hurt medicar
-- >> moderator: brad schneider, would you vote to raise the debt ceiling? schneider: yes. but i think we need to do it in a responsible way. and, again, the ryan plan that continues -- and you voted for it twice -- it continues to give the benefit to those who have the most and putting the burden on those who are struggling the most. to put increased burden on students, this doesn't address our challenges. dold: brad, that's ridiculous. >> moderator: congressman, what role should...
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Feb 6, 2013
02/13
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in washington, over the past few months, our attention has been on cliffs, debt ceilings, budgets, deadlines, and negotiations. all of this is extremely important. because i don't think there's any substitute for getting our fiscal house in order. there's no greater moral imperative than to reduce the mountain of debt that is facing us, our children, and theirs, and our house republican majority stands ready for the president and his party to join us in actually tackling the big problems facing this country. but today i'd like to focus on what lies beyond the fiscal debate. and over the next two years, our house majority will pursue an agenda that is based on a shared vision of creating the conditions of health, happiness, and prosperity, for more americans and their families. and to restrain washington from interfering in those pursuits. we'll advance proposals aimed at producing results in areas like education, health health, innovation, and job growth. our solutions will be based on the conservative principles of self-reliance, faith in the individual, trust in family, and accountability
in washington, over the past few months, our attention has been on cliffs, debt ceilings, budgets, deadlines, and negotiations. all of this is extremely important. because i don't think there's any substitute for getting our fiscal house in order. there's no greater moral imperative than to reduce the mountain of debt that is facing us, our children, and theirs, and our house republican majority stands ready for the president and his party to join us in actually tackling the big problems facing...
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126
Apr 16, 2011
04/11
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do think it's going to be possible to work with republicans who avert a showdown of the debt ceiling, but also to get some kind of sensible serious plan agreed in a reasonable timeframe? >> well, i think that is the $64,000 question. is adjusted for inflation, but first of all on the debt limit, i think in the meeting the president had with leaders yesterday, there is a broad understanding that not extending the debt limit is just not an option. you cannot play chicken with the united states fiscal credibility this has been established since alexander hamilton time. it's one of the hallmark of the u.s. financial regime. you don't want to have a debt clock. i mean, it was one thing to have a countdown clock to will the government shutdown? you don't want to have a countdown clock to will america default on its obligations? nobody wants that. it's not responsible. no one should use the credibility of the united states a full credit as a bargaining chip for any policy goal, no matter how sincerely they support that. so i think that does mean that we can assume that people will act respon
do think it's going to be possible to work with republicans who avert a showdown of the debt ceiling, but also to get some kind of sensible serious plan agreed in a reasonable timeframe? >> well, i think that is the $64,000 question. is adjusted for inflation, but first of all on the debt limit, i think in the meeting the president had with leaders yesterday, there is a broad understanding that not extending the debt limit is just not an option. you cannot play chicken with the united...
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Dec 5, 2012
12/12
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for an increase in the debt ceiling. they need to take it to another level. this is a bigger, more complex problem and it's the beginning of a series of negotiations. they're going to be together for the next four years. the president won the election, the republicans on the house and frankly are not likely to lose in a midterm election and a second-year presidency. john boehner is speaker for four years and hopefully this is the beginning of a productive relationship. >> host: unison news last week -- a >> guest: unintentionally. >> host: you said republicans should agree to president. extend the tax cuts for 90% of americans and tightly drawn for extending tax cuts for wealthier americans. given what was put up a speaker boehner yesterday, does that change her position? >> guest: not at all. more importantly it's the right thing to do. the two sides agree we don't want to raise taxes on 90% of the american people. we should take one of the line of fire so to speak. i want them to follow debate committee engaged in the
for an increase in the debt ceiling. they need to take it to another level. this is a bigger, more complex problem and it's the beginning of a series of negotiations. they're going to be together for the next four years. the president won the election, the republicans on the house and frankly are not likely to lose in a midterm election and a second-year presidency. john boehner is speaker for four years and hopefully this is the beginning of a productive relationship. >> host: unison...
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Jun 27, 2012
06/12
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but when we get to the debt ceiling which is not a government shutdown which is much more interesting if you can look at it from far away like if you lived in china you could look to pay our debt, for example. i think that's going to come in the moment of real truth. if we go through what we did last august, we did not understand we were dealing with a global financial infrastructure. at some point friends of mine that used to work for me in the market this the special equity market are going to run. the panic by the they said to me don't worry. if the panics starts i will be the first out the door. [laughter] >> i want to ask one final question before we go to ron for the ultimate wrap up for the panel, because i want to make sure that your expertise on the hill we get people a clear sense of what is the issue here. we talked a bit about the furlough and the possibility of that as one necessary response because of the way that the sequestration language has been written that it has to apply to all these different accounts. let me imagine a big ship being built by one of our friends a
but when we get to the debt ceiling which is not a government shutdown which is much more interesting if you can look at it from far away like if you lived in china you could look to pay our debt, for example. i think that's going to come in the moment of real truth. if we go through what we did last august, we did not understand we were dealing with a global financial infrastructure. at some point friends of mine that used to work for me in the market this the special equity market are going...
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May 23, 2013
05/13
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at that for you to elaborate on this because as you know we will again confront a debt ceiling and deficit reduction question. would you elaborate on how this adverse impacts the economy getting make you indicated the economy needs confidence. the consumers need confidence. businesses need confidence. would you elaborate how this impacts the confidence factor? >> i'm happy to, congressman. in 2011 we had a series of crisis driven deadline driven negotiation that created a broad sense that there was this function in our government. i might confidence in the community of the united states and confidence amongst rating agencies. we saw for the first time a downgrade of the united states credit rating up because of our economic decision, but a political condition. i talked to people around the world in positions of authority. it makes them very this assist in making financial economic policy decisions by the united states looks like it's in constant crisis. if you look at 2012, there was some progress made. we saw most of the brinksmanship in 2012 than we did 2011. we saw issues getting addres
at that for you to elaborate on this because as you know we will again confront a debt ceiling and deficit reduction question. would you elaborate on how this adverse impacts the economy getting make you indicated the economy needs confidence. the consumers need confidence. businesses need confidence. would you elaborate how this impacts the confidence factor? >> i'm happy to, congressman. in 2011 we had a series of crisis driven deadline driven negotiation that created a broad sense that...
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Jun 22, 2011
06/11
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ceiling. what are the leaders saying? is that a possible path quite >> it certainly seems that if a possible and almost even probably think unless there seems to be some sort of major breakthrough in the next two weeks. cantor was kind of dismissive of that today because he thinks there is no use putting on it more than once. will have some say in the final outcome if republicans are unable to negotiate within the house cockiest about the house conference themselves prefers a long-term solution, but he did see a short-term increase is better than nothing. so i think the longer -- the longer they are -- the longer there's a lack of any sort of major people coming out of their insane okay, we're down to the last little bits here, the more likely some sort of short-term solution comes to the floor. >> especially if they want it to july 1st target date you just mentioned. >> yeah, they've got july 1st. the reason for that is they want to leave some time to put the agreement, assuming there is one
ceiling. what are the leaders saying? is that a possible path quite >> it certainly seems that if a possible and almost even probably think unless there seems to be some sort of major breakthrough in the next two weeks. cantor was kind of dismissive of that today because he thinks there is no use putting on it more than once. will have some say in the final outcome if republicans are unable to negotiate within the house cockiest about the house conference themselves prefers a long-term...
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205
May 14, 2010
05/10
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the establishing of that debt ceiling and that we reduce, the spending to the point that we actually get to that that levelw >> you have 30 seconds to respond mr. case. >> three particular issues we need to focus on and i have balanced budget in my private-sector work and ofgets course my family site, and i served on the budget committee and the u.s. congress and wouldd hope to serve there again.congss a balanced budget amendment tove our constitution which requires us to do the same thing in our government is we have to do with their families and their business.agn. uso b, d paygo meaning he'll alwaysw have to be budget neutral when you pass a bill. it cannot worsen the debt and ct caps fund. we have to bring spending under control. , wee is no other way. >> mr. hanbusa-- djou. >> i built my career as a member of the0 honolulu city council on fiscal responsibility and government accountability and right now the federal government amok.ning these deficits which we are going to hand off to her children is thecity most taxinge issue. irarn support and earmark and moratorium on earmarks
the establishing of that debt ceiling and that we reduce, the spending to the point that we actually get to that that levelw >> you have 30 seconds to respond mr. case. >> three particular issues we need to focus on and i have balanced budget in my private-sector work and ofgets course my family site, and i served on the budget committee and the u.s. congress and wouldd hope to serve there again.congss a balanced budget amendment tove our constitution which requires us to do the...
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Nov 13, 2010
11/10
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the debt limit, the ceiling will get reached sometime around march or april. we have new members coming in that they simply did not vote to increase the debt limit. the only way they will vote to increase is if we've already radically cut the size of government. that's what precipitated the shutdown at end of 1995. and it might come much earlier. then we get the issue of health care. it's not the dominant issue. dean is right. i think we all agree on that. as they attempt to use the appropriations process to limit the funding, limit the spending for implementation of different elements of the plan. : of hhs and other agencies. and as obama managed to shut down so people want are the ones that get disrupted it could have some material interesting politics in play. a lot of people who don't want a shutdown may be forced through things beyond their own individual control or because they can't control their own members and to actually happening. >> good observations. a gentleman here would like to ask a question and she has the microphone. i'm sorry. >> this is lu
the debt limit, the ceiling will get reached sometime around march or april. we have new members coming in that they simply did not vote to increase the debt limit. the only way they will vote to increase is if we've already radically cut the size of government. that's what precipitated the shutdown at end of 1995. and it might come much earlier. then we get the issue of health care. it's not the dominant issue. dean is right. i think we all agree on that. as they attempt to use the...